Business Highlights for the Second Quarter of 2021
• Gross transaction value (GTV)1 was RMB1,220.8 billion (US$189.1 billion), an increase of 22.2%
year-over-year. GTV of existing home transactions was RMB652.0 billion (US$101.0 billion), an
increase of 11.7% year-over-year. GTV of new home transactions was RMB498.3 billion (US$77.2
billion), an increase of 32.3% year-over-year. GTV of emerging and other services was RMB70.6
billion (US$10.9 billion), an increase of 80.5% year-over-year.
• Net revenues were RMB24.2 billion (US$3.7 billion), an increase of 20.0% year-over-year.
• Net income was RMB1,116 million (US$173 million). Adjusted net income2 was RMB1,638 million
(US$254 million).
• Number of stores was 52,868 as of June 30, 2021, a 25.1% increase from one year ago.
• Number of agents was 548,600 as of June 30, 2021, a 20.3% increase from one year ago.
• Mobile monthly active users (MAU)3 averaged 52.1 million, an increase of 33.5% year-over-year.
Gross Profit
Gross profit was RMB5.3 billion (US$0.8 billion) in the second quarter of 2021, compared to RMB6.6 billion in the same period of 2020. Gross margin was 22.1% in the second quarter of 2021, compared to 32.5% in the same period of 2020. The decrease in gross margin was mainly because: 1) market in the second quarter of 2021 had more ordinary performance compared to the same period of 2020, as a significant portion of transactions, especially existing home transactions, shifted from the first quarter to the second quarter of 2020 due to the COVID-19 pandemic, resulting in a high base of gross margin; 2) in the second quarter of 2021, existing home sales market was affected by a series of market-cooling measures that led to a relatively lower contribution from existing home transactions revenues to total net revenues, resulting in a lower total contribution margin compared to the same period of 2020; and 3) the proportion of new home transactions completed by connected agents and other sales channels increased in the second quarter of 2021 compared to the same period of 2020, resulting in a lower new home contribution margin in the second quarter of 2021. For the first half of 2021, gross profit increased by 43.9% to RMB10.1 billion (US$1.6 billion) from RMB7.1 billion in the first half of 2020.
Net Income (Loss)
Net income was RMB1,116 million (US$173 million) in the second quarter of 2021, compared to RMB2,839 million in the same period of 2020. For the first half of 2021, net income increased by 35.3% to RMB2,174 million (US$337 million) from RMB1,607 million in the same period of 2020.
Adjusted net income was RMB1,638 million (US$254 million) in the second quarter of 2021, compared to RMB2,951 million in the same period of 2020. For the first half of 2021, adjusted net income increased by 68.8% to RMB3,140 million (US$486 million) from RMB1,861 million in the same period of 2020. -----------
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